At the Korea Customs Service, all administrative work is done through a massive computerized system. An average of 118,000 export and import reports are handled every day, and the accumulation of vast data allows KCS to make good use of big data analysis and artificial intelligence. “We plan to open a KCS big data portal for the public late this year, which will offer customized services for bu...

Korean instant noodle exports in the first 11 months of last year set a new record amid the prolonged pandemic and the popularity of “chapaguri,” a mix of two different instant noodle products featured in the Oscar-winning film “Parasite.” Exports of ramen, known locally as “ramyeon,” in January-November 2021 hit $607.9 million, up 10.6 percent from the same period a year prior. The 2020 total, ...

The Korean Intellectual Property Office (KIPO) said it will play a leading role in setting up international rules on creations and inventions by artificial intelligence next year. The KIPO, a member of the Intellectual Property Five (IP5), or a forum of the five largest intellectual property offices including those of the US, Europe, China and Japan, said it will also discuss among the IP5 ways ...

Aiming to more than triple its corporate value by 2030, Posco Group plans to have its steel business focus on eco-friendliness and global growth, while fostering new growth engines such as materials for rechargeable batteries and hydrogen. The holding company will be llisted, while the steelmaking unit Posco, as well as other corporations to be set up under the holding company will remain unlist...

The AMAXG Metaverse World will realize various elements in everyday life such as a movie theater, a performance hall, a gallery, a gym, commercial facilities and communities, and support NFT-based digital asset trading. “All projects and businesses of AMAXG move in a blockchain-based decentralized structure,” Choi said. “Big data is collected and AI is formed here, and they are best at linki...

A fifth of people aged 15 to 29 in South Korea were not in employment, education or training (NEET), a report has shown, which would mark the third-highest level among members of the Organization for Economic Cooperation and Development. The estimated number of NEET youth in South Korea is nearly 1.59 million, according to a report by Chung Jae-hyun, head of the youth policy research and devel...

LG Innotek said its chief executive Jeong Cheol-dong will receive an award from the Institute of Electronics and Information Engineers on Friday for helping raise the global competitiveness of the local materials and parts industry. Jeong, known for his insight on the materials and parts market with 37 years of experience in business-to-business deals, will receive the Haedong Technology Award f...

Hanmi Global said Wednesday it has signed a preliminary agreement with the Chartered Institute of Building (CIOB) to share educational contents on construction management. The construction management company has recently developed an online education platform, tentatively called Global PM University, to foster professionals in project management and offer knowledge on construction to the gener...

Han Sung Motor, the official dealership of Mercedes-Benz Korea, last month held a biennial automotive service skills contest in a bid to foster technical specialists. Of some 760 applicants, 56 finalists who passed the preliminary round of the seventh Han Sung Skill Contest took the test based on standards proposed by the German carmaker. The top three scorers in seven fields, including syst...

Business leaders who planned and built a metaverse platform have written a book on the subject of the metaverse -- a virtual world that incorporates augmented reality and avatars, among other things, in parallel to the physical world. Choi Jin-young, CEO of The Korea Herald; Ryu Seong-taek, CEO of Hyundai Futurenet, an affiliate of Hyundai Department Store; and Song Min-jae and Choo Sun-woo, CEO...

Hyundai Engineering & Construction said it will begin sales of 698 new apartments later this month in Pyeongtaek, 70 kilometers south of Seoul. The apartments belong to a new estate named Hillstate Pyeongtaek The First, which will consist of a total of 1,107 homes between 59 to 84 square meters in size, and will mark the first sale of new homes in Seojeong-dong, Pyeongtaek in 14 years. Commerci...

JB Financial Group said on Thursday it has established an integrated big data platform which brings together the data of all of its affiliates and uses artificial intelligence technology to offer customized service. The “data hub” converges the financial data of affiliates and public data, and applies the group’s internal cloud technology to allow data analysis from an integrated perspective, JB...

The Korean Federation of Community Credit Cooperatives will hold a joint webinar with its counterpart in Thailand on Friday under the theme “The Role of Financial Cooperatives and Future Directions.” The webinar is designed to discover the value of financial cooperatives in the two countries and seek ways to cooperate, the KFCC said. Students and officials at cooperatives as well as participant...

Comprehensive real estate taxes have been levied on nearly half a million homeowners in Seoul this year, up more than 20 percent from last year, as housing prices and tax rates surged. Seoul homeowners collectively faced 2.8 trillion won ($2.35 billion) in comprehensive real estate taxes, 2.3 times the amount levied last year. The sharp increase in the property holding tax could affect the mark...

Trade Minister Yeo Han-koo said on Monday that he called on the US to begin talks on revising restrictions on steel imports from South Korea during last week‘s meeting with his US counterpart. “As the US has recently reached an agreement on or has begun negotiations with the European Union and Japan, we strongly conveyed (to the US) that they should begin talks with South Korea, their ally which...